EBA CLEARING, SWIFT, and The Clearing House (TCH) announced this morning that they will launch a pilot program for immediate cross-border (IXB) payments. The pilot would support payments in dollars and euros.
Read MoreOn Tuesday, Robinhood CEO Vlad Tenev announced that the online brokerage would lay off 9% of its 3,800-person full-time workforce. Shares dipped by more than 5% after news of the layoffs broke.
Read MoreAccording to Mac Rumors, Apple is now opening new Apple Cash virtual debit cards with Visa. Apple Cash has historically partnered with Green Dot Bank and operated on the Discover network.
Read MoreThis morning, Fyle, an India-based expense-management platform serving US businesses, announced that it launched a real-time spend-management integration for all Visa cards. Fyle said it would roll out similar integrations with other card issuers at an unspecified date.
Read MoreMeta, Facebook’s parent group, announced that it’s rolled out payments products on its metaverse platform Horizon Worlds. Combined, its various sales fees could lead to Meta taking up to 47.5% of creator profits.
Read MoreAccording to a survey of 7100 teenagers by Piper Sandler, Apple Pay saw the most monthly users among teens than any other payments app. It beat out competitors like Venmo, Cash App, and PayPal in terms of market share among teenagers.
Read MoreThe PAVE report could drastically change how homes are bought and sold in the U.S. and address a long history of discrimination against minority homeowners—especially if PAVE’s recommendations are codified into law. That’s a big if when Congress has a hard time agreeing on, well, almost anything.
Read MoreInternal memos suggest Meta, which owns Facebook, has plans to add virtual coins, tokens, and lending to its apps. This includes “social” or “reputation” tokens that reward substantive contributions to Facebook groups.
Read MoreA multiyear plan would help the computing giant develop its own infrastructure for financial products. It would facilitate new approaches to payment processing, risk assessment for lending, fraud analysis, credit checks, and more.
Read MoreAn interagency panel, the Property Appraisal and Valuation Equity task force, released a plan for addressing discrimination in the appraisal industry. The group first convened last summer.
Read MoreThe tech giant announced yesterday that it’s created a $100M fund to invest in virtual reality (VR) and augmented reality (AR). The fund is called the Snapdragon Metaverse Fund.
Read MoreThe billion-dollar startup, which wants to distribute cryptocurrency to every human being by imaging their eyes, recently suspended operations in at least seven countries. It’s now delayed its launch date for a second time.
Read MoreThe trading platform’s new offering would let users generate passive income by loaning out their stocks to other financial institutions. It’s set to roll out in the first half of 2022, according to a Robinhood spokesperson.
Read MoreOn Saturday, Visa and Mastercard announced that they had suspended network operations in Russia, which prevents cards issued in Russia from working abroad, and disables cards within Russia that were issued outside the country. Amex and PayPal have enacted similar measures.
Read MoreOn Monday, machine-learning solutions provider Stratyfy released UnBias, which helps financial institutions discover and undo bias in their systems. UnBias will be available as a standalone offering.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
